MetaMask updates privacy settings, Introduction to Proof of Humanity & How to land a job in web3

Protocol of the week: Yearn Finance 💴

Welcome to the 45th edition of DeFi Fridays!

Access all the previous editions here.

101 today:

• Protocol of the week: Yearn Finance 💴

• Major happenings in the ecosystem. 🔰

• In this week’s good reads:

  • Introduction to Proof of Humanity.

  • The Death of DeFi?

  • How to get a job in crypto/web3.

Protocol Of The Week: Yearn Finance

What is Yearn Finance?

Yearn finance is a yield-aggregator on the Ethereum network. The protocol was single-handedly developed by Andre Cronje, and launched in 2020. 

Yield aggregators are protocols that invest funds automatically in pools that will fetch the highest returns. The best part: it is all done through smart contracts, eliminating the need for manual investing and reinvesting, consequently gas fees.

What is it doing? 

Yearn Finance takes crypto tokens, and pools them together in Liquidity Pools, also known as vaults on the Protocol website. From there, their smart contracts move your tokens around in the DeFi ecosystem to get the best possible APY on those tokens. 

How are they doing it?

Yearn Finance allows users to directly deposit their tokens into vaults or stake CRV tokens on their website. 

A very unique feature that they have employed is called “zap” which lets users deposit a token they hold into a token that is accepted by the vault in one step. 

Example: If you own USDT and want to deposit it in an lp-yCRV token vault, Yearn will do all of that for you in just one click. 

The only downside with this feature is that oftentimes value is lost in conversion, which otherwise would have been preserved if an acceptable token was directly deposited. 

To learn how to use Yearn Finance, click here.

We explain one DeFi Protocol every Friday:

Major News in the Ecosystem:

MetaMask upgrades privacy settings and adds additional phishing protection feature. 🔰

MetaMask 🦊💙 @MetaMask

When creating a new wallet, users can click on “Set advanced privacy settings” to change their RPC providers and toggle features that send requests to third party services that help with phishing detection and identifying incoming transactions, among others👇

More Good Reads:

✍️Unlocking Proof of Humanity- with non-financial NFTs.

✍️Is DeFi Dead?

✍️Step-by-step guide to get a job in crypto/web3.

That’s it for today, folks. See ya next Friday. 🧢

Disclaimer: Nothing included in DeFi Fridays should be taken as financial advice.